The process of purchasing Thailand real estate, whether it is a Thailand condominium, a Thailand house, or simply Thailand property, can be quite convoluted and difficult. This is namely because of laws passed that prohibit foreigners from purchasing land in their own names. There are, however, alternative ways for a foreigner to purchase Thailand property, and in comparison, it is actually rather simple to purchase a Thailand condominium or house.
One of the most popular ways for a foreigner to buy Thai property is for them, honestly, to meet and marry a legal Thai resident. Another option is to look into a renewable 30-year lease. Leasing is legal, simple, and straightforward, and it allows immigrants to own Thailand property and Thailand real estate. These leases can transfer the rights of freehold ownership to the buyer. Also always check the title deed of the property as there are a number of options with certain title deeds.
One popular means of acquiring Thailand real estate used to be to purchase it through a limited company, and then give one’s self sole shareholder rights. However, this is no longer a legal option.
As difficult as it is to purchase Thailand property, it is comparably easy to purchase or lease a Thailand condominium. Thailand actually has a condominium law, which stipulates that a maximum of 49 percent of units in a complex can be owned by immigrants and foreigners. In order to do this, the immigrant in question must transfer their funds into baht, from an outside bank account to one right in Thailand. Buying or leasing a Thailand condominium requires a lot of paperwork, some of which is often tricky, so it is much better to fill it out in conjunction with a legal or real estate professional. There are also the property taxes and transfer fees in Thailand.
Purchasing Thailand real estate as it pertains to a house is not very difficult. Foreigners in Thailand can own a house, but it must sit or be built on land which has been leased, not purchased – since, of course, foreigners cannot own land in Thailand. Furthermore, unless the lease and/or deed is in the name of a Thai resident or a Thai company, a foreigner cannot buy a house – that is, foreigners cannot buy real estate in his or her own name.
As with acquiring Thailand property, there are three different ways for a foreigner to own a house in Thailand: foreigners can purchase a home within their own Thai-registered company; foreigners can purchase Thailand real estate if they have a long-ranging lease agreement; again, foreigners can purchase a home if they are married to a legal Thai resident, and his or her name is on the deed.
It may sound like there are not positives to purchasing Thailand real estate, whether it be Thailand property, a Thailand condominium, or a house, but that is not true – as with anything, however, there are positives and negatives. The positives of owning property in Thailand are high property values, excellent real estate investments, and the current economy. Negatives are Thailand’s seemingly enduring resentment as it pertains to foreigners owning Thailand property. They are very stringent about the rules and requirements, and they are always subject to change. As well, any foreigner who owns Thailand real estate through any means, with the possible exception of a Thailand condominium, should realize that their leases, deeds, and procedures will be closely observed. Perhaps the biggest negative to owning Thailand real estate and property is the fact that there is very little financing available for foreigners and immigrants in Thailand. There is no mortgage financing; foreigners who purchase or lease Thailand real estate must be prepared to pay what they have to pay for the duration of their lease.